The Occupational Pension Schemes (Transfer Values) (Amendment) Regulations 2008

3.  In the Pensions on Divorce etc. (Provision of Information) Regulations 2000(1)—

(a)in regulation 1(2) (interpretation)—

(i)in the appropriate alphabetical places, insert—

““normal pension age” has the meaning given in section 180 of the 1993 Act (normal pension age);”;

““the Transfer Values Regulations” means the Occupational Pension Schemes (Transfer Values) Regulations 1996;”;

(ii)for the definition of “salary related occupational pension scheme”, substitute—

““salary related occupational pension scheme” has the meaning given by regulation 1A of the Transfer Values Regulations;”; and

(iii)omit the definition of “the Board for Actuarial Standards”;

(b)in regulation 3 (information about pensions and divorce and dissolution of a civil partnership: valuation of pension benefits)—

(i)in paragraph (1)(d)—

(aa)for “paragraphs (7) to (9)” substitute “paragraphs (7) and (8)”; and

(bb)after head (iii), insert—

“; or

(iv)the pension of the person with pension rights is not in payment and the person has attained normal pension age.”;

(ii)for paragraph (4)(b), substitute—

“(b)in accordance with regulation 11 of, and Schedule 1 to, the Transfer Values Regulations (disclosure).”;

(iii)for paragraphs (7) to (9), substitute—

“(7) Cash equivalents are to be calculated and verified in accordance with regulations 7 to 7C and 7E(1) to (3) of the Transfer Values Regulations as appropriate.

(8) But when calculating and verifying a cash equivalent in accordance with those regulations—

(a)references to “trustees” must be read as references to “person responsible for the pension arrangement”;

(b)where the person with pension rights is a pensioner member on the date on which the request for the valuation is received, the value of his pension must be calculated and verified in accordance with regulations 7 to 7E of the Transfer Values Regulations as appropriate;

(c)where the person is over normal pension age but not in receipt of a pension—

(i)the value of his pension must be calculated and verified in accordance with regulations 7 to 7E of the Transfer Values Regulations as appropriate; and

(ii)the person responsible for the pension arrangement must assume that the pension came into payment on the date on which the request for the valuation was received; and

(d)the date by reference to which the cash equivalent is to be calculated and verified is to be the date on which the request for the valuation was received.”; and

(iv)in paragraph (10), for “paragraph (3), (4) or (9)” substitute “paragraph (3), (4) or (7)”; and

(c)in regulation 4(2)(c) (provision of information in response to a notification that a pension sharing order or provision may be made), for the words from “regulation 8(4)” to the end, substitute “paragraphs 2, 3 and 12 of Schedule 1A to the Transfer Values Regulations (reductions in initial cash equivalents);”.